InsideArbitrage Event Driven Monitor – December 12, 2025

Merger Arbitrage

1. DHIL: The acquisition of Diamond Hill Investment Group, Inc. (DHIL) by First Eagle Investments for a closing value of $473 million. First Eagle will acquire all outstanding shares of Diamond Hill for $175 per share in an all-cash transaction, representing a premium of 48.96% from the stock’s last close. (Press Release)
2. APLT: The acquisition of Applied Therapeutics, Inc. (APLT) by Cycle Group Holdings Limited for a closing value of $8.8 million. Cycle will commence a tender offer to acquire all of the outstanding shares of Applied common stock for a per share price of $0.088 per share in cash plus one non-transferrable contingent value right (CVR) that entitles the holder to receive potential additional payments of up to $0.4. The cash payment of $0.088 represents a 60% discount to the stock’s last close. (Press Release)
3. SHCO: Soho House (SHCO) filed a definitive proxy statement. The special meeting of shareholders will be held on January 9, 2026.

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